The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-08-28
SCHEMES OFLAND SHARPERS
How Rascally Spectators Sometimes
Operate During Real Estate Booms.
The Scheme that Chicago Swindlers Worked
on Several indianapolis Lot-Buyers Four
teen Years Ago-SOme of the Deed Frauds

The real estate market for several weeks past
has not been active enough to keep wide awake
some of the small brokers who put up their
signs OF farms and lots to sell at the beginning
of the season. During the brief period of ready
sales. and when spectators were adding to their
holdings, these corners into the market
were numerous. Some have retired to wait for
another and more lasting boom, while others
hold on to dicker and to trade wherever they find
Offering for sale or purchase. The last few
days have brought with them something of a re-
vval of interest in real estate, and that fact led
a lawyer to moraze on speculative ventures, the
tricks of realestate sharpers, and the
tendency booms in house and land
values have to bring rascals forward
TO prey upon the credulous. His moralizing
did not amount TO much, but some of the stories
he told of adventures and schemers who work
a real estate craze for all there is in it, are
worthy OF record. az had a client once who
came in tho speculative period of 1873,
he said II was just entering practice, and the
fellows suavity and ready-tongue impressed me
with the belief that he had national bank be-
hind him. He bought largely OF I'M
improved lots and Whenever new ad-
dItion laid off he would get
MS much of il as he could. He did
working up to the climax. On lot he would
pay, as every body did at that time small part
in cash and then give a mortgage for the other
payments Whenever he could find purchaser
he would demand two three hundred per cent
more cash than he himself gave. He bought
and sold again in this way until day he
made a deal purchaser of considerable i'm
portance. Not long after this he left the city,
and for weeks nothing was heard of him. until a
woman claiming to be his wife came to the city
and said he dead. She established dover
interest in the property, turned it into money,
and left the city to join her rascally husband,
who was no doubt alive and f1ourishing real
estate shark in some other community"
Fourteen years ago. the lawyer continued,
IAN Indianapolis man would buy real estate on
the shabbiest representations There are a half
dozen men who can tell of an experience with
Chicago schemers who had very elaborate plat
Of a new addition to that city made 1t showed
streets and alleys, and each lot measured %
by 100. The lots, offered a tempting price.
were speedily bought and under the influence
Of the craze nobody took time to look at the ad-
dition personally. The scbeYners word was
eepted and the purchase closed when after
time it was discovered that the possessors of
the deeds deeds had titles to lots 20
we'll known now and can be used only in
generation. The scheme that had its origin at
point in this State whore there were never more
than fifty people living at the time little
more ingenious. The hamlet was advertised
growing town with prospective water-works,
street-cars and all such aDpendages of a thriving
community. Imaginary additions and subdivi-
sions were laid off Tie sharpers in time sold
all the imaginary lots to worthless
fellow, who did not have enough
to buy drink at the village groggerv.
The deeds given him represented that ne paid
much cash and gave notes for the balance, pay
able in one, two and three years. with mortgage
security in lots. When this was accomplished
the notes among farmers and others for
purchasers A great many of them were sold.
on the strength, of course. of their alleged
AT a nrItv Ia mr.
the purchasers the notes, and nobody could
legally get foot of land to show for the trans
action"
ibid you ever bear" the lawyer went on
chow several people were caught in the specuia-
ton of 1873 by forged deedsl That swindle
practiced to some extent. and some OF the deeds
/ think. can be shown by the holders now. A
man with good address would come to the city
and win the con fidence of some who could
give him a standing The stranger would always
assume the name of some nonresident property
holder but little known here, and then through
the citizen, get an introduction to a notary.
Within few days the rascal would come
to the notary with a woman whom
he could represent his wife and have him
draw up and acknowledge deed to property
owned by the nonresident under whose name
he traded. The purchaser had been found and
the first payment made. To him the deed
given. After this transaction the stranger would
leave the city. The purchaser could then fight
it out with the real owner as far he was con-
cerned. Such a muddle that though cannot
be carried out more than once in place by
the same man..
The law in this State requires deed to be re-
corded within forty-fve days. Unless the pur-
chaser Is very particular he is not in hurry to
put the instrument record and sometimes the
limit expires before deed is left with the re-
corder. A man several years ago purchased a
piece Of property in the south mart of the
city. He took good care to have his deed re-
corded at Within few days he found a
purchaser and sold the property for So, 900 cash.
The latter let his deed go unrecorded
for week So and in the mean time
the seller sold the property to another person for
So 900 and left the city. In this instance the last
purchaser got the property, as he was just as
quick as the seller in having his deed recorded
The So 900 purchaser had to bear the loss
successfully only intervals except when
speculation is wild.